Daily Price Outlook

- EUR/USD has edged up to $1.06621, hovering near a critical pivot at $1.0669, suggesting a cautious uptick in market activity.

- Key resistances are set at $1.0710, $1.0744, and $1.0776, with supports at $1.0603, $1.0557, and $1.0502 indicating potential turn points.

- Neutral RSI at 51 and proximity to the 50 EMA suggest a balanced but cautious market, with a recommended bearish strategy if support breaks.

In today's trading session, the EUR/USD pair showed modest gains, increasing by 0.10% to a trading value of $1.06621. The currency pair is navigating around a pivot point at $1.0669, which serves as a vital marker for the intraday trading strategy.

The EUR/USD pair confronts immediate resistance at $1.0710. Should bullish momentum persist, the next targets for resistance are positioned at $1.0744 and $1.0776, respectively. These levels could act as significant barriers where potential selling pressure might emerge. On the flip side, the currency pair finds strong support at $1.0603, with additional support seen at $1.0557 and $1.0502. These support levels are crucial for traders watching for rebound opportunities or further declines.

The Relative Strength Index (RSI) is currently at 51, indicating a neutral market momentum, neither overbought nor oversold. The 50-day Exponential Moving Average (EMA) at $1.0674 slightly above the current price, suggests that the EUR/USD is testing critical support levels. A sustained move below the 50 EMA could signal a bearish trend.

Considering the technical setup, a strategic entry for selling the EUR/USD might be positioned just below the 50 EMA at $1.06756, targeting a drop towards the first support at $1.06068. The stop loss for this position could be set at $1.07392 to mitigate risk in case of a reversal above the near-term resistance levels.

EUR/USD Price Chart - Source: Tradingview
EUR/USD Price Chart - Source: Tradingview

EUR/USD - Trade Ideas

Entry Price – Sell Below 1.06756

Take Profit – 1.06068

Stop Loss – 1.07392

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$688/ -$636

Profit & Loss Per Mini Lot = +$68/ -$63



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